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Blolooo 8lolo o0oo ol8 Larry's Landscaping, Inc. Starts Business On January 1, 2021, Larry's Landscaping, Inc. started business. Larry's Landscaping was started by Larry Plant. To start the corporation, Larry Plant purchased $10,000 of Larry's Landscaping, Inc. Common Stock. The issuance of Common Stock by Larry's Landscaping, Inc. to Larry Plant was the only transaction in January 2021. Alt In February 2021, to continue the financing of the start-up of the business, Larry's Landscaping issued Common Stock to additional owners and borrowed on a long-term note from the bank. Also in February, Larry's Landscaping invested in various items of Property, Plant, & Equipment needed to operate the business. These items of Property, Plant, & Equipment were not placed into service until March 1; thus there will be no Depreciation recorded in the month of February. In March 2021, Larry's Landscaping starting operating the business by performing landscaping services for customers. The Tollowing are the Balance Sheets for Larry's Landscaping as of December 31, 2020 (the end of last period) and March 31, 2021 (the end of this period): Larry's Landscaping Balance Sheets as of the End of December 2020 and March 2021 March 31, 2021 December 31, 2020 Assets Cash $ 17,500 Total Current Assets 17,500 Equipment Building ... Accumulated Depreciation Equipment Accumulated Depreciation Building ... 40,000 100,000 (500) (1,000) 20,000 Land .......... Total Property, Plant & Equipment 158,500 Total Assets $176,000 Liabilities Note Payable Long-Term .. .. $0 $110,000 110,000 Total Liabilities Owners' Equity 6,000 54,000 6,000 66,000 Common Stock Paid-in Capital in Excess of Par Value... Retained Earnings Total Owners' Equity Total Liabilities and Equity $176,000

Blolooo 8lolo o0oo ol8 Larry's Landscaping, Inc. Starts Business On January 1, 2021, Larry's Landscaping, Inc. started business. Larry's Landscaping was started by Larry Plant. To start the corporation, Larry Plant purchased $10,000 of Larry's Landscaping, Inc. Common Stock. The issuance of Common Stock by Larry's Landscaping, Inc. to Larry Plant was the only transaction in January 2021. Alt In February 2021, to continue the financing of the start-up of the business, Larry's Landscaping issued Common Stock to additional owners and borrowed on a long-term note from the bank. Also in February, Larry's Landscaping invested in various items of Property, Plant, & Equipment needed to operate the business. These items of Property, Plant, & Equipment were not placed into service until March 1; thus there will be no Depreciation recorded in the month of February. In March 2021, Larry's Landscaping starting operating the business by performing landscaping services for customers. The Tollowing are the Balance Sheets for Larry's Landscaping as of December 31, 2020 (the end of last period) and March 31, 2021 (the end of this period): Larry's Landscaping Balance Sheets as of the End of December 2020 and March 2021 March 31, 2021 December 31, 2020 Assets Cash $ 17,500 Total Current Assets 17,500 Equipment Building ... Accumulated Depreciation Equipment Accumulated Depreciation Building ... 40,000 100,000 (500) (1,000) 20,000 Land .......... Total Property, Plant & Equipment 158,500 Total Assets $176,000 Liabilities Note Payable Long-Term .. .. $0 $110,000 110,000 Total Liabilities Owners' Equity 6,000 54,000 6,000 66,000 Common Stock Paid-in Capital in Excess of Par Value... Retained Earnings Total Owners' Equity Total Liabilities and Equity $176,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Larry s Landscaping Statement of Cash Flows (Indirect Method) for the Period January 1 to March 31, 2021 Cash Flows from Operating Activities Net Income Cash Provided by Operating Activities Cash Flows from Investing Activities Cash Used by Investing Activities Cash Flows from Financing Activities Cash Provided by Financing Activities Increase in Cash from January 1 to March 31, 2021 Beginning Cash Balance January 1, 2021 Increase in Cash from January 1 to March 31, 2021 Ending Cash Balance March 31, 2021 11-1 11-2 11-3 11-4 Ready Wyse Esc F1 F2
Transcribed Image Text:Larry s Landscaping Statement of Cash Flows (Indirect Method) for the Period January 1 to March 31, 2021 Cash Flows from Operating Activities Net Income Cash Provided by Operating Activities Cash Flows from Investing Activities Cash Used by Investing Activities Cash Flows from Financing Activities Cash Provided by Financing Activities Increase in Cash from January 1 to March 31, 2021 Beginning Cash Balance January 1, 2021 Increase in Cash from January 1 to March 31, 2021 Ending Cash Balance March 31, 2021 11-1 11-2 11-3 11-4 Ready Wyse Esc F1 F2
Blolooo Blolo o000 o18 Larry's Landscaping, Inc. Starts Business On January 1, 2021, Larry's Landscaping, Inc. started business. Larry's Landscaping was started by Larry Plant. To start the corporation, Larry Plant purchased $10,000 of Larry's Landscaping, Inc. Common Stock. The issuance of Common Stock by Larry's Landscaping, Inc. to Larry Plant was the only transaction in January 2021. Alt In February 2021, to continue the financing of the start-up of the business, Larry's Landscaping issued Common Stock to additional owners and borrowed on a long-term note from the bank. Also in February, Larry's Landscaping invested in various items of Property, Plant, & Equipment needed to operate the business. These items of Property, Plant, & Equipment were not placed into service until March 1; thus there will be no Depreciation recorded in the month of February. In March 2021, Larry's Landscaping starting operating the business by performing landscaping services for customers. The rollowing are the Balance Sheets for Larry's Landscaping as of December 31, 2020 (the end of last period) and March 31, 2021 (the end of this period): Larry's Landscaping Balance Sheets as of the End of December 2020 and March 2021 March 31, 2021 December 31, 2020 Assets $ 17,500 17,500 Cash Total Current Assets Equipment Building ... Accumulated Depreciation Equipment Accumulated Depreciation Building ... Land .......... Total Property, Plant & Equipment 158,500 40,000 100,000 (500) (1,000) 20,000 Total Assets $176,000 Liabilities Note Payable Long-Term .. .. $110,000 110,000 $0 Total Liabilities Owners' Equity 6,000 54,000 6,000 Common Stock Paid-in Capital in Excess of Par Value... Retained Earnings Total Owners' Equity 66,000 Total Liabilities and Equity $176,000
Transcribed Image Text:Blolooo Blolo o000 o18 Larry's Landscaping, Inc. Starts Business On January 1, 2021, Larry's Landscaping, Inc. started business. Larry's Landscaping was started by Larry Plant. To start the corporation, Larry Plant purchased $10,000 of Larry's Landscaping, Inc. Common Stock. The issuance of Common Stock by Larry's Landscaping, Inc. to Larry Plant was the only transaction in January 2021. Alt In February 2021, to continue the financing of the start-up of the business, Larry's Landscaping issued Common Stock to additional owners and borrowed on a long-term note from the bank. Also in February, Larry's Landscaping invested in various items of Property, Plant, & Equipment needed to operate the business. These items of Property, Plant, & Equipment were not placed into service until March 1; thus there will be no Depreciation recorded in the month of February. In March 2021, Larry's Landscaping starting operating the business by performing landscaping services for customers. The rollowing are the Balance Sheets for Larry's Landscaping as of December 31, 2020 (the end of last period) and March 31, 2021 (the end of this period): Larry's Landscaping Balance Sheets as of the End of December 2020 and March 2021 March 31, 2021 December 31, 2020 Assets $ 17,500 17,500 Cash Total Current Assets Equipment Building ... Accumulated Depreciation Equipment Accumulated Depreciation Building ... Land .......... Total Property, Plant & Equipment 158,500 40,000 100,000 (500) (1,000) 20,000 Total Assets $176,000 Liabilities Note Payable Long-Term .. .. $110,000 110,000 $0 Total Liabilities Owners' Equity 6,000 54,000 6,000 Common Stock Paid-in Capital in Excess of Par Value... Retained Earnings Total Owners' Equity 66,000 Total Liabilities and Equity $176,000
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